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On Tuesday, the Shanghai copper 1903 contract as a whole fluctuated
in a narrow range around the daily moving average.
Open at 47390 yuan / ton in the morning, after the opening in a narrow range below the daily moving average, after testing down 47300 yuan back to touch the high 47450 yuan / ton, noon London copper fell sharply, leading Shanghai copper into the short into the flat, there was a fall, short-term bottom of 47280 yuan / ton, short closing drove Shanghai copper back up, but the upper still under pressure 47450 yuan / ton, the end of the session copper price was pressured to fall, closing at 47340 yuan / ton, up 50 yuan / ton, up 0.
11%.
In terms of external trading, during the Asian session, London copper opened at 5923.
5 US dollars / ton, at the beginning of the session, London copper around the daily moving average narrow range, the amplitude does not exceed 15 US dollars / ton, at noon the US index strengthened, London copper in the high of the day 5921.
5 US dollars / ton fell sharply, fell below the daily average to test the low of 5886 US dollars / ton to get support, lost 5900 US dollars / ton mark, the afternoon US index retreated, London copper recovered strength, recovered all the morning losses, around the daily average of 5900 US dollars / ton narrow finishing, after the European session, London copper rushed to an intraday high of $5,939/mt
.
As of 17:10, London copper was trading at $5937.
5/ton
.
In terms of the market, Shanghai copper fluctuated along the daily moving average, sorted out at 47400 yuan / ton, active inquiry in the morning, high willingness of holders to ship, market quotation from 60 ~ 150 yuan / ton, in the transaction continued the previous day's cautious wait-and-see situation, the holder took the initiative to reduce the quotation rush to trade, reduce the quotation to 40 ~ 130 yuan / ton, but the market transaction is still difficult to unfold
.
In the second trading session, the holders emphasized the reduction range, flat water copper concentrated transaction in the premium 30 ~ 40 yuan / ton, good copper lower quotation premium around 120 yuan / ton and there is still room for price pressure, low-price sources are favored by speculators, downstream is still based on rigid demand, wet copper quotation follows the market downward quotation from flat water to discount 20 yuan / ton and there is also room
for price reduction.
During the day, some holders mainly gradually reduced inventory to strengthen the speed of cash exchange, and throughout the morning session, there was a trend of sellers rushing to cash out, buyers waited and saw the decline in price premium, the market's expectations for consumption were once again shrouded in disappointment, and the copper price in the future market also showed an uncertain mentality
.
Shanghai copper fluctuated in a narrow range during the day, and the main contract closed at 47340 points, up 0.
11%.
After a technical rally, the market waited for the outcome of trade negotiations and traded cautiously
.
In terms of spot, good copper maintains a high premium of about 150 yuan, merchants are more willing to hold prices, and the weak US dollar also forms a certain support for copper prices, it is expected that the copper price will be sorted out at a low level in the near future, and the pressure level of Shanghai copper will be 47,500, and the merchants will not change their shipments at high prices
.
